(a)
Financial statement
A financial statement is the complete record of financial transactions that take place in a company, at a particular point of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:
Figure (1)
To identify: Total assets,
(b)
To draw conclusion: concerning the above data’s of Incorporation A, and Incorporation WM.
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Chapter 1 Solutions
Financial Accounting: Tools for Business Decision Making, 8th Edition
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